MOSCOW, November 27 (Sputnik) — The Organization of Petroleum Exporting Countries (OPEC) does not oppose shale oil, its secretary general said ahead of the cartel's meeting Thursday.
"We welcome shale oil as another additional supply and we don't really have a clash," OPEC Secretary General Abdallah el Badri told reporters in Vienna.
El Badri's comments came in response to claims of a possible confrontation between OPEC and the United States, a leading shale producer and the main catalyst behind falling global oil prices. Brent crude futures were trading at $76.52 Thursday morning, reaching a four-year low and marking a 30-percent drop since June.
An OPEC meeting was held in Vienna on Thursday, where the member countries gathered to discuss a possible curb of oil output amid the falling of oil prices on the global market. However, the group decided to maintain oil extraction at current levels.
